August 3, 2017 / 3:31 PM / a year ago

BUZZ-MYR Group shares buckle under weight of project costs

** MYR Group shares fall to lowest level in a year after specialty electrical construction services co reports 2nd straight qtr of disappointing earnings; profits hurt by issues with three projects even as revenue beat expectations

** MYR stock last down 13.1 pct at $27.39 after hitting low of $26.51. Nevertheless, stock still on track for its biggest one-day pct drop since May 4, day after its last qtrly report

** Trading volume 1.2 x 10-DMA

** MYR reported Q2 EPS of $0.07 on rev of $356.2 mln. Street view was for $0.34/shr on rev of $310.6 mln

** Co says profit hurt mostly from write-downs on projects. Two projects in U.S. Midwest impacted by weather resulting in unbudgeted costs from right-of-way access, lower productivity, increased road damage and repair requirements. Costs from one project in Canada impacted by project delays

** Says margins also impacted by costs associated with organic and acquisition growth

** MYR had also blamed inclement weather and timing of projects for disappointing Q1 profits issued May 3. Its shares fell 19 pct the next day

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